The payment amounts would would decrease incrementally by income level until cutting off entirely for single people earning over $50,000 and married couples earning more than $100,000.īut the GOP plan isn't likely to move forward, given the Democrats push to advance Mr. The latest GOP proposal would lower the payment to $1,000, which would be paid to single people earning up to $40,000 and married couples with income up to $80,000. "There is still uncertainty whether all the Senate Democrats will support President Joe Biden's full plan, with Joe Manchin already expressing doubts about the need to send $1,400 stimulus cheques to those that might not need the money and warning that he wouldn't support a rise in the minimum wage to $15 per hour by 2025, roughly double what it is now." Said Paul Ashworth in a note to investors: Not yet, because there's increasing debate about whether the checks should be targeted to lower-income households, including among some Democrats. Here's what analysts are predicting about the $1,400 checks and other spending proposals. economist Lydia Boussour wrote on January 22. "The additional stimulus will be welcome given the extent of labor market damage, with still 10 million fewer jobs than before the pandemic," he and Oxford Economics lead U.S. He's predicting a $1.3 trillion stimulus package will be approved before the end of March. The plan to provide more direct aid to low- and middle-class households could help lift GDP by 0.7%, although other measures in the bill - such as a higher minimum wage and aid to states - could boost GDP growth by 1.5%, according to a January 18 report from Oxford Economics Chief U.S. "When Congress colors in the details of the stimulus package, investors should expect some deviation from the original Biden plan, as even a Congress closely in sync with the president will look to put their own imprint on the bill," Hammond wrote in a February 2 research note.īiden's Treasury nominee Janet Yellen pushes for "big" action at confirmation hearing 04:47 But with GOP support so far failing to materialize, Democrats are pushing forward with the budget reconciliation process, which would next direct House and Senate committees to discuss spending priorities. What's holding up new stimulus checks?Ĭhief among the issues are whether Republican lawmakers would support the package. Meanwhile, Senate Majority Leader Chuck Schumer of New York said he, too, is aiming to pass the next round of stimulus aid by mid-March, according to Bloomberg News. "I'm not going to let jobless workers fall off a cliff again," Wyden said, referring to the expiration of additional jobless aid from two prior relief packages. Wyden said that he would like to see the next relief bill passed at least a week prior to the March 14 expiration of expanded unemployment benefits, which include an extra $300 in weekly jobless aid. economy since World War II - that alone should send a very powerful message to Senators who are getting ready to debate COVID legislation, and caution them against going small," Senator Ron Wyden, a Democrat from Oregon, said in a January 28 conference call with reporters. "Last year was the worst year for the U.S. economy shrank 3.5% last year, its largest annual decline in 74 years, government data shows. The labor market isn't likely to return to pre-pandemic levels until 2024, according to a February 1 report from the Congressional Budget Office. "The labor market recovery remained stuck in a rut in January as the pandemic's winter surge weighed on hiring." "It may look good, but it ain't," wrote Oxford Economics economist Lydia Boussour in a February 5 research note.
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